ELKHORN FTSE RAFI U.S. EQUITY INCOME ETF (ELKU) Exchange: BATS

DELISTED - The Fund generally will invest at least 90% of its total assets in dividend-paying U.S.-listed common stocks that comprise the Index. The Fund, using an indexing investment approach, attempts to replicate, before fees and expenses, the performance of the Index. The Fund’s investment adviser seeks a correlation of 0.95 or better (before fees and expenses) between the Fund’s performance and the performance of the Index; a figure of 1.00 would represent perfect correlation. FTSE International Limited (“FTSE”) and Frank Russell Company (“Russell”) (together, the “Index Provider”) compile, maintain and calculate the Index.   The Index comprises U.S.-listed large, mid and small capitalization stocks. The Index is designed to measure the performance of high dividend yielding stocks that have been screened for financial health. The Index begins with the FTSE US All Cap Index (the “Initial Universe”) and then follows a rules-based methodology to select high yield stocks which have been screened to target sustainable income. The Initial Universe is a market-capitalization weighted index representing the performance of large, mid and small capitalization stocks in the United States. The Index Provider ranks constituents by three financial health metrics: (i) return on assets; (ii) cash flow to short-term debt plus interest expenses; and (iii) net operating assets scaled by total assets. Constituents comprising the bottom ranked 20% in any one of these measures are excluded. The Index Provider then ranks the remaining constituents by trailing 12-month yield; below-median yielding companies are removed. Next, the Index Provider weights the eligible stocks by the fundamental weight times dividend yield. Index constituents are selected and weighted using four fundamental factors, as opposed to market capitalization. Fundamental weights are calculated using the following fundamental measures of company size drawn from a company’s annual financial statements: (i) sales averaged over the prior five years; (ii) cash flow averaged over the prior five years; (iii) book value at the review date; and (iv) dividend distributions averaged over the last five years. The fundamental weight for each security is determined by equally weighting each of these fundamental measures. Finally, the Index Provider may adjust the weighting of each constituent relative to its respective liquidity as measured by average daily trading volume, adhering to a maximum 5% and minimum 0.1% weight to any single constituent.   As of December 30, 2016, the Index consists of approximately 173 stocks from the Initial Universe. Index constituents are rebalanced annually in March.   For more information on the Index, please refer to the Index Provider section later in this prospectus.   The Fund may employ a representative sampling indexing strategy to track the Index. “Representative sampling” is an indexing strategy that involves investing in a representative sample of securities that collectively has an investment profile similar to that of the Index. The securities selected are expected to have, in the aggregate, investment characteristics (based on factors such as market capitalization and industry weightings), fundamental characteristics (such as return variability and yield) and liquidity measures similar to those of the Index. The Fund may or may not hold all of the securities in the Index.   Concentration Policy. The Fund will concentrate its investments (i.e., invest more than 25% of the value of its total assets) in securities of issuers in any one industry or group of industries only to the extent that the Index reflects a concentration in that industry or group of industries. The Fund will not otherwise concentrate its investments in securities of issuers in any one industry or group of industries.